Cheers Mutant,
I just had a read of the AGM preso.. Did anyone attend and fire any questions at the board?
The presentation states very clearly:
1) They are the largest remaining uncontracted reserves on the east coast of Australia.
2) They have options and Worley Parsons will help them look at all their options.
3) MEL own 100% of their tenements.
4) MEL do NOT yet have a major sitting on their register with 20%+
When supply and demand will push gas prices north of $6, there is no doubting the value of this company.
MEL has been a quiet achiever in the background for a long time. It slipped under my radar (I last last looked at it closely back in the PES days).
Now there is nothing in MEL's presentation which indicates any done deals with a major and this LNG/EPW buying is only the start in my opinion.
I am NOT spruiking a takeover but I AM spruiking significant corporate activity on MEL in the shorter term.
Mel's market capitalisation easily supports a price north of $1. If someone like me can do the maths, so can the board of MEL.
The presentation told me MEL was in no mood to capitulate to a low ball corporate deal when they are in fact the ones holding all the gas with no 20% major to dictate ANYTHING.
It's game on in this one boys and I would be blatantly shocked if we had MEL's board selling us out for anything less than a buck!
Whether or not you've been holding this one for years makes no difference to the intrinsic value of the asset. If you have been lucky enough to pick her up at 26cents, you simply make more money when it goes north of $1 and your patience is rewarded.
Notwithstanding any MAJOR technical issues we are not aware of (YES, all CSG players have technical issues - ESG, BOW, QGC, ARROW) Supply and demand will win the day - IMO.
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Open | High | Low | Value | Volume |
0.4¢ | 0.4¢ | 0.4¢ | $438 | 125K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 11970102 | 0.3¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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0.4¢ | 14907884 | 13 |
View Market Depth
No. | Vol. | Price($) |
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14 | 32360499 | 0.002 |
7 | 64703690 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.004 | 14907884 | 13 |
0.005 | 4954391 | 5 |
0.007 | 100002 | 1 |
0.009 | 80000 | 1 |
0.010 | 1000000 | 1 |
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